消息面上，1月23日市场消息，万国数据-SW支持的DayOne据称考虑美国IPO，目标估值200亿美元。此 前，万国数据-SW表示，将出售旗下DayOne3.85亿美元股份，股份购回将使万国数据-SW得以回收其在 DayOne的投资本金的约95%，投资回报率接近6.5倍。回笼资金将用于国内AIDC投资，广发证券认为， 该举措意味着国内算力基础设施投资前沿依然乐观。 万国数据-SW(09698)涨超3%，截至发稿，涨3.39%，报41.52港元，成交额1.48亿港元。 ...

智通财经APP获悉，万国数据-SW(09698)涨超3%，截至发稿，涨3.39%，报41.52港元，成交额1.48亿港 元。 消息面上，1月23日市场消息，万国数据-SW支持的DayOne据称考虑美国IPO，目标估值200亿美元。此 前，万国数据-SW表示，将出售旗下DayOne 3.85亿美元股份，股份购回将使万国数据-SW得以回收其在 DayOne的投资本金的约95%，投资回报率接近6.5倍。回笼资金将用于国内AIDC投资，广发证券认为， 该举措意味着国内算力基础设施投资前沿依然乐观。 ...

Summary of Key Points from the Conference Call Industry Overview - The China data center sector is positioned as a crucial component in the AI ecosystem, benefiting from increased investments by internet companies in AI applications and infrastructure [1][9] - Anticipated dual-track expansion in chip supply, computing power demand, and regional capacity across East and West China [1][13] Core Insights - Order volume for China data center stocks is expected to be a primary focus for investors in 4Q25 and into 2026, with potential for earlier and larger demand due to the bidding process by internet hyperscalers [2][9] - GDS and VNET are projected to see significant growth in adjusted EBITDA, with GDS expected to grow by 12% and VNET by 23% year-over-year in 2027 [2][9] - DayOne, partially owned by GDS, is expanding its capacity with a total of 1.8GW secured by the end of 2025, including a mezzanine financing facility of €500 million to support its developments in Finland [3][9] Financial Projections - GDS's revenue is projected to reach Rmb 11.5 billion in 2025E, with an EBITDA of Rmb 5.4 billion [11][70] - VNET's revenue is expected to be Rmb 9.9 billion in 2025E, with an EBITDA of Rmb 2.9 billion [11][70] - SUNeVision's revenue is forecasted at Rmb 3.3 billion in 2025E, with an EBITDA of Rmb 2.4 billion [11][70] Capital Expenditure and Financing - GDS's organic capex is expected to reach Rmb 7 billion in 2026E, while VNET's capex is projected to exceed Rmb 8 billion [43][44] - Both companies are leveraging favorable financing channels, including private REITs, to support their capital expenditures [43][44] Market Dynamics - The data center market is expected to see a 14% CAGR in live capacity from 2025 to 2028, driven by demand from internet, cloud, and AI sectors [54][59] - Wholesale demand is projected to grow at a 19% CAGR, while retail demand is expected to grow at a lower rate due to physical constraints [54][59] Competitive Landscape - GDS and VNET are expected to account for approximately 13% of China's data center live demand by 2028, indicating ongoing industry consolidation [56][66] - The competitive environment may intensify as companies prioritize operational efficiency and wallet share in the face of rising demand [13][43] Additional Insights - The approval of Nvidia H200 chips for import into China could significantly impact the data center bidding process and chip supply dynamics [13][35] - The utilization rates of data centers are expected to improve, particularly in regions with lower power costs and favorable government incentives [43][56] Conclusion - The China data center sector is poised for growth driven by AI investments, favorable financing conditions, and increasing demand from cloud and internet services. GDS and VNET are well-positioned to capitalize on these trends, with significant projected revenue and EBITDA growth in the coming years [1][2][9][54]

Group 1 - The core point of the article is that GDS Holdings Limited's subsidiary, DayOne Data Center, has successfully completed a Series C financing round, raising $2 billion, with a valuation increase of 100% compared to the previous round [1] - The financing was led by existing investor Coatue Management, with participation from Indonesia's sovereign wealth fund (INA) and various institutions from the US, Europe, and Asia-Pacific [1] - The funds raised will primarily be used to accelerate expansion strategies in key markets in Europe and Asia-Pacific, focusing on the construction of large-scale data centers in Finland and ongoing expansion in the "New Greater Bay Area" [1] Group 2 - In the European market, the financing will support the development of two major data center parks in Lahti and Kouvola, Finland [1] - In the Asia-Pacific region, the funds will facilitate continued expansion in Thailand, Japan, and Hong Kong, aiming to deliver AI-ready infrastructure quickly [1] - As of the report, GDS Holdings' stock price increased by 3.62% to HKD 39.46, with a trading volume of HKD 179 million [1]

Core Viewpoint - A growing number of Chinese companies are relocating to Singapore to mitigate risks associated with Sino-U.S. geopolitical tensions [1] Group 1: Trends and Motivations - The trend, referred to as "Singapore washing," has gained momentum since the end of U.S. President Donald Trump's first term and is expanding across various sectors including critical minerals, technology, and biotechnology [2] - Interest from Chinese firms in Singapore is reportedly very strong, with inquiries increasing by approximately 15-20% year-on-year [3] Group 2: Company Examples - Notable companies that have established a presence in Singapore include Terahop, a maker of optical products, and newer entrants like DayOne, Manus AI, and ChemLex, which are involved in data centers, artificial intelligence, and chemical synthesis respectively [4][5] - Companies like Manus AI and Terahop do not publicly acknowledge their Chinese backers, indicating a strategic positioning as Singaporean firms [4] Group 3: Strategic Advantages of Singapore - Singapore serves as an attractive base for companies aiming to navigate U.S. tariffs, which are only 10% on goods from Singapore, while maintaining access to restricted American technologies [6] - The city-state's reputation for neutrality and cultural adaptability makes it appealing for Chinese firms and their expatriates [6] - With 28 free trade agreements, Singapore is positioned as a strategic hub for companies looking to expand into markets outside of China [6]

Singapore-based data center operator DayOne may reach a valuation of about $10 billion after the potential fundraising https://t.co/ibUnriqDSk ...

Summary of China & ASEAN Data Centers Conference Call Industry Overview - The report focuses on the China and ASEAN data center sector, highlighting positive trends in order volume, capital expenditure (capex) expansion, and capital recycling strategies for companies like GDS and VNET [1][6][37]. Key Companies - **GDS Holdings (GDS)**: Target price set at US$43/HK$42 for ADR/H-share, reflecting a slight decrease from previous targets. Valuation of DayOne, a subsidiary, increased by 17% to US$10.5/HK$10.2 per GDS ADR/H-share [1][49]. - **VNET**: Maintained a target price of US$14, with a Buy rating [1][49]. Core Insights - **Order Volume and Demand**: Both GDS and VNET are expected to secure around 300MW of orders each in 2026, representing a significant increase in market share from 9% in 2025 to approximately 20% of incremental data center demand in China [6][10]. - **Capex Growth**: GDS's organic capex is projected to reach Rmb7 billion in 2026, up from Rmb4.8 billion in 2025, to support capacity expansion. VNET's capex is expected to exceed Rmb8 billion for 350-400MW capacity delivery [6][7]. - **Favorable Financing Environment**: The report notes a positive outlook for financing, with GDS and VNET expected to generate substantial operating cash flow (Rmb4 billion+ for GDS and Rmb3 billion+ for VNET in 2026) [7][10]. Financial Performance - **DayOne's Performance**: DayOne reported a significant year-over-year growth in revenue (+177%) and adjusted EBITDA (+358%), indicating strong operational execution and capacity expansion [53][59]. - **Capacity Expansion**: DayOne aims to reach approximately 1GW of committed capacity by the end of 2025, with ongoing projects in Thailand and other regions [53][54]. Market Trends - **Data Center Demand Growth**: The China data center market is projected to grow at a CAGR of 23% from 2024 to 2028, reaching 33GW by 2028 [10][12]. - **Utilization Rates**: GDS and VNET are expected to account for over 11% of data center demand in China by 2028, driven by above-industry utilization rates [17][12]. Regulatory Environment - New electricity tariffs in Malaysia may increase operational costs for data center operators, while stricter water consumption rules could benefit companies like DayOne that focus on higher-tier data centers [54][54]. Valuation Adjustments - GDS's valuation was adjusted to Rmb66 billion or US$37.4/HK$36.4 per ADR/H-share due to increased share count from recent offerings. DayOne's valuation was raised based on improved growth estimates [48][49]. Conclusion - The outlook for the China and ASEAN data center sector remains positive, with strong demand, increased capex, and favorable financing conditions. GDS and VNET are well-positioned to capitalize on these trends, supported by robust operational performance and strategic expansions.

Core Viewpoint - Weisheng Holdings (03393) saw a significant stock price increase, reaching a historical high of 15.32 HKD, driven by developments in the artificial intelligence sector and strategic partnerships in smart distribution [1] Company Summary - Weisheng Holdings' stock rose over 6%, reaching a peak of 15.27 HKD, with a trading volume of 19.93 million HKD [1] - The company is expanding its smart distribution business, supported by data center clients starting from FY24 [1] - A new factory in Johor Bahru, Malaysia, has commenced operations, which is expected to further enhance Weisheng Holdings' overseas smart distribution business [1] Industry Summary - Microsoft CEO Satya Nadella highlighted that the AI industry is currently facing a power supply issue rather than an excess of computing power, with North America's power grid struggling to meet the growing demand [1] - A report from Zhongtai Securities noted that Weisheng Holdings is collaborating with Siemens and Global Data, with the latter's Singapore-based subsidiary DayOne reporting a 110.9% year-on-year increase in electricity consumption in Q2 2025 [1] - The strategic cooperation agreement signed with DayOne during the factory opening ceremony aims to deepen collaboration in the data center sector [1]

Group 1: Mergers and Acquisitions - KKR has acquired South Korean cosmetic packaging company Samhwa Co for 733 billion KRW (approximately $528 million), marking another addition to its investment portfolio in South Korea [1] - Amazon has completed the acquisition of Indian online financial platform Axio, aiming to expand credit coverage across India [2] Group 2: Company Developments - Xiaomi plans to establish 10,000 overseas Xiaomi stores within five years, with 2025 marking the year for major appliance and new retail expansion abroad, and 2027 for automotive ventures [1] - Beijing Lier has signed a strategic cooperation agreement with SenseTime and Horizon Robotics to explore AI-related business opportunities [1] - Tencent participated in a C-round financing of over 1.5 billion RMB for Xizhi Technology, a provider of optical hybrid computing power [5] Group 3: Market Trends - Agricultural Bank's stock price reached a historical high, with analysts noting a shift in bank stocks from "pro-cyclical" to "weak-cyclical" assets, driven by stable high dividend yields [2] - The People's Bank of China will conduct a 10 billion RMB reverse repurchase operation to maintain liquidity in the banking system [2] Group 4: New Products and Innovations - Tesla has begun delivering the first batch of Model Y L vehicles produced at its Shanghai Gigafactory, featuring a range of 830 kilometers [6] - WPS has launched a new "HTML material" feature, becoming the first office software to support running AI-generated HTML code in presentations [4] - The "AI Travel West Jiang" platform, developed by Mafengwo for the Xijiang Qianhu Miao Village, has been upgraded to integrate various tourist services [3] Group 5: Industry Insights - Barclays predicts that the AI wave could lead to over $100 billion in mergers and acquisitions within the next year, with significant investments from major tech companies [6] - The State Council has issued guidelines to support sports enterprises in listing, refinancing, and issuing bonds, aiming to enhance financial support for the sports industry [6] - The Ministry of Industry and Information Technology has released a plan for the electronic information manufacturing industry, targeting an average growth rate of around 7% for major sectors from 2025 to 2026 [7]

Summary of Conference Call Notes Industry Overview - The focus is on the **China/Southeast Asia Data Center** industry, particularly companies **GDS Holdings** and **VNET Group**. - The data center market is experiencing a divergence between operators capturing AI/cloud demand and those reliant on traditional retail demand. Key Points on GDS Holdings - GDS reported **40MW** hyperscale orders in 2Q25, down from **152MW** in 1Q25, indicating a supply bottleneck in AI demand [1] - GDS delivered above-expected revenue and EBITDA, attributed to solid customer move-in pace and resilient pricing [1] - Management's tone has shifted from deleveraging to growth-oriented, with plans for more active capex spending [3] - GDS aims to reduce net debt/adj. EBITDA to **5.7x** after the C-REIT listing [3] - The target price for GDS has been raised to **US$42/HK$41**, reflecting a **25.5%** upside potential [10] Key Points on VNET Group - VNET reported **20MW** wholesale orders in 2Q25, down from **123MW** in 1Q25, also indicating a supply bottleneck [1] - VNET's management remains optimistic about order intake in 2H25, especially from September onward [60] - The target price for VNET has been raised to **US$13**, indicating a **52.4%** upside potential [59] DayOne Performance - DayOne, partially owned by GDS, reported a **144%** year-over-year revenue increase and a **156%** increase in adjusted EBITDA [4] - DayOne has become the largest data center operator in the SIJORI region with **224MW** live capacity [4] - DayOne's total committed capacity reached **783MW**, approaching AirTrunk's **800MW+** level [8] - DayOne's profitability is improving, but it still lags behind peers like NEXTDC in terms of EBITDA margins [44] Market Dynamics and Risks - There are policy uncertainties, such as new power tariffs in Malaysia, and rising competition in the APAC region [9] - The potential approval of Nvidia's Blackwell-based products for sale in China could lead to increased order volumes by late 2025 or early 2026 [2] - Risks include below-expected move-in demand, slower overseas revenue ramp-up, and customer churn [56] Financial Metrics - GDS's revenue forecast for 2025 is **Rmb11,545.4 million**, with an EBITDA of **Rmb5,135 million** [15] - VNET's revenue forecast for 2025 is **Rmb9,745.1 million**, with an EBITDA of **Rmb2,921.8 million** [59] Conclusion - The data center industry in China and Southeast Asia is poised for growth, particularly for companies like GDS and VNET, driven by AI demand and strategic expansions. However, challenges such as supply bottlenecks and competitive pressures remain significant.